Posts By Steve Lines
Location
Scottsdale, Arizona
Phone: 480-344-3662
Posts
“Three Is a Magic Number” was one of the original songs from the Schoolhouse Rock! Series that aired on Saturday mornings during the ‘70’s. The first verse of the song says: Three is a magic number, Yes it is, it’s a magic number. Somewhere in the ancient, mystic trinity You get three as a magic [...]
This morning, President Barack Obama signed into law H.R. 3548 bill, The Unemployment Compensation Extension Act that includes the extension, modification and expansion of the first time home buyer tax credit. President Obama said, “Although it will take time and it will take patience, I am confident that our economy will recover. I am confident [...]
If you are planning on buying a house and taking advantage of FHA’s low down payment requirement of 3.5%, you may want to do it now. Last year, the minimum down payment requirement for FHA loans was increased from 3% to 3.5% as part of the Housing and Economic Recovery Act. It looks like lawmakers [...]
Recently, many potential homebuyers in Arizona have been frustrated by how long it takes to process and close an FHA loan. Many brokers and bankers are too bogged down or understaffed to handle the influx of volume of FHA loan applications that have become increasingly more popular. In addition to this, many FHA lenders have [...]
HUD’s issuance of Mortgagee Letter 2009-32, Revised Streamline Refinance Transactions today. The announced changes may have effectively caused an indefinite hiatus for a popular program for FHA borrowers – the “No-Cost” FHA Streamline Refinance. I’ve provided an explanation of the loss of the “no cost” fha streamline refinance (streamline refinance transaction without appraisal that finances [...]
Good News! FHA issued mortgagee letters today announcing major changes to FHA loan procedures. The following are highlights from the announcements: MORTGAGEE LETTER 2009-29: Appraisal Portability This mortgagee letter addresses the portability of appraisals for the purpose of facilitating the loan process when a borrower switches from one Federal Housing Administration (FHA) approved lender (first [...]
FHA issued mortgagee letters today announcing major changes to FHA loan procedures. The following are highlights from the announcements: MORTGAGEE LETTER 2009-28: Appraiser Independence This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for [...]
FHA mortgages continue to be an extremely attractive means for financing homes in the current economic and housing environment due to their low down payment requirements, liberal underwriting guidelines, affordable interest rates and government insurance. In fact, in the past year the majority of the mortgages funded in our office, located in the East Valley [...]
Don’t miss the boat again. If you have been waiting to take advantage of the historically low interest rates, do it now that rates have recently dropped. FHA loan rates were at or near an all-time low for a number of months of the beginning of this year and Arizona mortgage companies were flooded with [...]
Many people want to know if the existing first time $8000 first time home buyer tax credit that expires on December 1st, 2009 will be extended. This is a good question. As of today, there is just under 90 days left to… look for; put in an offer on; negotiate and have the offer accepted [...]
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